| Aziz Idris & Abdul Hakiim Yakof |
NEW businesses can now be set up within 24 hours, with the elimination of issuance of the ‘Miscellaneous Licences’ for the seven simple types of businesses. This marks another milestone in improving the ease of doing business in the country.
This was yesterday revealed by Ease of Doing Business (EODB) Secretariat member Zulfadli bin Abu Bakar during a dialogue session on the Ease of Doing Business and Darussalam Enterprise (DARe) organised by the French Bruneian Business Association (FBBA).
Held at the Design and Technology Building located at the Anggerek Desa Technology Park, the session was attended by over 80 people comprising members of FBBA and interested individuals.
The recent reforms, he explained, have made it easier for entrepreneurs to set up business. The eradication of the Miscellaneous Licence cuts down the waiting period from 101 days to less than a day.
“Now, aspiring entrepreneurs need only incorporate their company without the hassle of applying for the Miscellaneous Licence (for the seven simple types of business.)
“Businesses can be conducted straight away with adherence to the rules and regulations stipulated by the different agencies under EODB,” he explained.
The panellist at the dialogue session. – AZIZ IDRIS
EOBD is currently in talks with the Department of Electrical Services (DES) to introduce a compensation plan from the government to businesses or SMEs that suffer power outages for more than one hour.
“We are now currently formalisation the plan to introduce this system,” he said, adding, “If a business experience power outages that affect their operation for more than an hour, the government will reimburse in some form to make sure they are not adversely affected.”
EODB forecast that by introducing this new system, Brunei could be Top 30 in the World Bank’s Ease of Doing Business report for 2017.
Other reforms that have been implemented in dealing with construction permits include the new law (Building Control Order) that makes Qualified Persons (Architect) amongst others responsible to ensure building safety and standards are met.
This comprises a new simplified process from 17 steps to fewer than five steps with the Fast Track Route available for foreign direct investments.
Further reductions that have been implemented can also be seen on the Corporate Tax of 18.5 per cent, making it the second lowest in Asean.
“This makes Brunei one of the most attractive destinations, with low corporate tax and no income tax,” Zulfadli added.
Meanwhile, the trading across border sector has been made easier with the completion of the ‘single window’ permit via Royal Customs and Excise Department for major imports and exports.
FBBA President Pierre Imhof lauded the session for providing accurate information on the new structure provided by DARe and the relevant agencies.
“FBBA members, who are mostly small and medium enterprises (SMEs), have been struggling from time to time with regards to formalities when it comes to developing a business.
“I think it’s the right time to hear on how the new business environment works and what will be the future of SMEs to venture into local or global markets,” he added.
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